It being effectively impossible to make viable the starving infant presently sucking at government teat given the existing rules and law of the land, bending, nay, breaking them has become a matter of patriotic necessity. Hence:
The U.S. government's restructuring plan for Chrysler LLC is sounding alarm bells for those in the business of lending money who worry that the plan could subvert decades of standing legal precedent and investing principles.
Banks, hedge funds and other investors that hold $6.9 billion in secured loans are being asked to release their contractual claims over Chrysler's assets in exchange for a fraction of what they are owed. Many lenders see that as a raw deal, because in the bankruptcy code's priority scheme, secured creditors are supposed to get paid before unsecured creditors such as employees.
Raw deal or not, this Administration gets what it wants, unless the screaming becomes too loud to tolerate. And what screaming can the haves issue that the have-nots will hear?
U.S. Tactics Spark Worries Over Lenders' Rights [The Wall Street Journal]